Transcorp Power eyes 740MW Output by December

The CEO of Transcorp Power PLC, Peter Ikenga, on Monday, announced the company's plan to generate up to 740 megawatts of electricity by the end of December 2024.

While discussing the company's 2023 report, Ikenga reported an increase in earnings despite last year's challenge. Transcorp Power's revenue reached N142bn in 2023, showing a 57.3% growth compared to the N90bn they earned in 2022, as a result of increased energy generation and international sales.

The company got N75bn as profit, which is more than the N42bn they got the previous year. They got N52.7bn before tax and N30.2bn after tax.

The boss said that the company intends to give out a dividend of N23.46bn for the year 2023. He noted that the company has been growing its money and making more profit every year, and they think it will keep going up.

He further stated that they hope to generate 740 Megawatts by the end of 2024 and may add 125 Megawatts soon by the end of summer.

For 2023 fiscal year, Ikenga affirmed that the company was looking forward to generating 850 megawatts in total and is looking forward to generating more in 2024. The boss also said they want to supply electricity to 45% of Nigerians who do not have much, and also sell electricity to nearby countries in West Africa.

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